April 2018
April 2018
Interest Rates

5.11% - 10 Year Standard Rate

5.16% - 10 Year Refinance Rate

5.03% - 20 Year Standard Rate

5.08% - 20 Year Refinance Rate
25 Year Debenture
Now Available!
Effective immediately, the U.S. Small Business Administration is permanently offering a 25 year debenture with a 25 year maturity! This new product is in addition to the 10 and 20 year debenture that are currently available. In addition, the fees associated with this debenture are expected to be the same as the 20 year note. The Third Party Lender Loan accompanying the 25 year 504 loan is required to have at least a 10 year term.

One benefit of the 25 year loan is that it will decrease the monthly payment for the small business borrower and will provide flexibility to better manage critical operating capital, which becomes more important when cash flow is increasingly challenged by rising operating expenses and interest rates.

EDF will start accepting applications immediately. To learn more about the 25 year debenture, please contact one of our Loan Officers, Gary Witkowski or Bradd Pierce or by calling our office at (616) 459-4825.
SBA Michigan District Office
Recoginzes FY 2017 Award Winners
On March 27th, the Michigan SBA District Office hosted their FY 2017 Lender Awards at the Federal Reserve Bank of Chicago at the Detroit Branch. Traverse City State Bank, now Independent Bank effective April 2, 2018, was the receipient ofhe 504 Third Party Lender of the Year Award. They did a total of nineteen 504 Loans and they partnered with EDF on all nineteen projects! Mitchell Blue and Kelly Schramski (pictured above) accepted the award on the bank's behalf.

Other Award Receipients Include:

Michigan Lender of the Year: Huntington Bank
Community Lender of the Year: Horizon Bank
Business Development Lender of the Year: Hastings City Bank
Diversity Lender of the Year: Chase Bank
Community Diversity Lender of the Year: Hantz Bank
Export Finance Lender of the Year: Oxford Bank
Credit Union Lender of the Year: Lake Trust Credit Union

Congratulations to all!
The March Madness Challenge Winner
is Shannon Rocheleau
of Consumer Credit Union!
EDF's 2018 March Madness Challenge was a great success with over 70 people submitting brackets. This year's winner of the $100 Amazon Gift Card, is Shannon Rocheleau from Consumers Credit Union who had Villanova as the National Champions. Thank you to all who participated and we look forward to next year's tournament. Congratulations Shannon!
Lender Leader Board
EDF   would like to thank all of the lenders that have had loans authorized with us so far this fiscal year. At the end of our current fiscal year (9/30/18), the lending institution with the most loan approvals will receive our Lender of the Year Award.
Independent Bank
10 Loans
Huntington Bank
3 Loans
Chase Bank
1 Loan
Choice One Bank
1 Loan
Comerica Bank
1 Loan
Community Choice Credit Union
1 Loan
Consumers Credit Union
1 Loan
Grand River Bank
1 Loan
Honor Bank
1 Loan
Horizon Bank
1 Loan
Macatawa Bank
1 Loan
Mercantile Bank
1 Loan
The Bancorp
1 Loan
Union Bank
1 Loan
West Michigan Community Bank
1 Loan
West Shore Bank
1 Loan
FY 2018 Total
Totals as of 03/31/2018
27 Loans
The Lenders Cup

All of the lenders listed above, along with any other bank or credit union that has a project authorized by EDF prior to September 1, 2018, will be eligible to compete in The Lenders Cup Golf Tournament! Last year was our inaugural event and the traveling trophy went home with Traverse City State Bank, which is now Independent Bank as of April 2, 2018 ! This year's event will take place on September 13, 2018 at Thornapple Pointe Golf Course . Each lending institution will have the opportunity to submit a foursome to compete.
Georgina's is an authentic Asian and Latin taqueria owned and operated by Anthony Craig (Chef Tony) who opened his first Georgina's restaurant in Traverse City in 2012 after 20 years of working in the industry. Due to the success of the Traverse City location, Chef Tony saw the opportunity to expand his business to the Grand Rapids area, and open a second restaurant in Eastown.

EDF Loan Officer, Gary Witkowski, partnered with John Gray, Vice President of Business Development, First Community Bank in Traverse City to assist Chef Tony with the purchase of a commercial building in Grand Rapids located at 724 Wealthy St., SE, in Eastown. Eastown is an eclectic mix of local businesses, one-of-a-kind shops, restaurants and entertainment that cater to a diverse community that will provide a great location for this unique dining experience. Chef Tony takes great pride in his food offering, which is inspired by his cultural background as his father is Cuban and his mother is half Chinese.

"The Economic Development Foundation made the process incredibly easy and quick. I look forward to doing another loan in the future as I try to open more businesses”, said Anthony Craig, Owner.

To learn more about the benefits of the SBA 504 Loan Program, or how EDF can assist you, please visit our website at www.growmichigan.com, or contact one of our Loan Officers, Gary Witkowski or Bradd Pierce.
Call EDF for your 7(a) Packaging Needs

EDF   can assist your bank or credit union with 7(a) Loan eligibility and questions. We can also prepare loan applications and submit them directly to the SBA for approval. If you do not have an in-house SBA specialist, please consider using  EDF for your packaging needs.   For more information, please call Amy Dubridge at (616) 323-1279  or you may send an email to Amy@growmichigan.com .
Schedule a Lunch and Learn
EDF   would love the opportunity to bring lunch to your organization, get to know your entire team, and do a brief presentation on the benefits of the 504 Loan Program. We are currently scheduling into March and April. If you would like to set up a time, please call Kyle Wilson at (616) 323-1272  or you may send an email to  Kyle@growmichigan.com .
EDF Staff
Julie Parker
(616) 323-1276
Loan Officers 
Bradd Pierce
Senior Loan Officer
(616) 323-1277
Gary Witkowki
Loan Officer
(616) 323-1275
Credit Department 
Amy DuBridge
Junior Loan Officer
& 7(a) Specialist
(616) 323-1279
Matt Mankivsky
Junior Loan Officer
(616) 323-1278
Closing Department 
Abbey Byrne
Closing Manager
(616) 323-1274
Laura Seromik
Closing Specialist
(616) 323-1273
Servicing Department 
Kyle Wilson
Servicing Manager
(616) 323-1272
Nik Hoezee
(616) 459-4825
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